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UK - Elderstreet achieves partial exit from IPO of Snacktime

  • Ashley Wassall
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Elderstreet Private Equity has achieved a partial exit on its investment in vending machine provider Snacktime Ltd following its IPO on AIM. The company placed just over 2 million shares at 144p a share, raising approximately ТЃ3m and representing a market capitalisation of around ТЃ10m.

Elderstreet initially backed the business in 2003, investing £1.1m in a first round of funding, which was subsequently followed by a £500,000 funding round in 2005, to which Elderstreet contributed loan and equity totalling £400,000. Following the IPO some of the loans have been converted and some repayed completely, with Elderstreet retaining a 29.56% stake in the business.

The shares closed their first day on 147.5p.

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